All posts filed under: Credit Cards

DBS raises foreign currency transaction fee to 3.25%

From 1 November 2019, DBS will have one of the highest fees for foreign transactions for its Visa and Mastercard credit cards. DBS will be raising its foreign currency transaction fee on all DBS & POSB Visa and Mastercard credit cards from the existing 3% to 3.25% from 1 November 2019. The notice did not mention anything about Amex cards, so it should be staying at 3% for now. What are foreign currency transaction fees? When you use your credit card overseas, there are typically two fees involved that is added to the converted amount: The card network fee (charged by Visa, Mastercard or Amex) The bank transaction fee These fees are incurred for processing the transaction, converting them into the billing currency (Singapore dollars for those using Singapore credit cards, etc). The prevailing rates charged by the card networks are as follow: Visa & Mastercard – 1% American Express – 1 to 1.25%, depending on bank Different banks have different transaction fees, which will bring the total up to anything between 2.75% to 3.25%. …

Transfer your DBS points to Qantas Frequent Flyer and get 25% more

Qantas is now running a points transfer promotion, offering a 25% bonus on top of the usual transfer rates. So that means, for every 5000 DBS points transferred, you will get 12,500 Qantas points instead of the usual 10,000. The baseline number of points will usually show up within a couple of days (DBS says it will take up to 7 working days, but in reality it’s usually quite fast), and you will receive the bonus points by 14 November 2019. Qantas first partnered up with DBS earlier this year in March 2019, and offered a launch offer of 20% bonus. Back then, I transferred 30,000 points to Qantas, and the bonus showed up that very weekend. Should you transfer your points to Qantas? If you are familiar with the Qantas Frequent Flyer programme, you will know that the points are generally worth less than an equivalent mile on other programmes such as Krisflyer and Asia Miles, so transfer bank points to Qantas points is usually not a worthy endeavour. Even with a 25% bonus, …

OCBC launches new miles card: OCBC 90°N Card

Earn up to 8mpd for hotel bookings and 4mpd for flight bookings OCBC is the latest to jump on the miles card launches, unveiling yet another miles earning card for the Singapore market. A glance at the headline earning figures will sound pretty attractive: up to 8mpd for hotel bookings, and 4mpd for flight bookings. So what are the key perks of the card? An overview of the card: Income requirement: S$30,000 p.a. for Singapore citizens and PRs, S$45,000 for foreigners Annual fee: S$192.60 for principal cardmembers, waived for the first year; S$96.30 for supplementary cards, waived for the first year Annual fee gift: 10,000 miles (in the form of 10,000 Travel$) Earn rates: 1.2 mile per dollar spent (mpd) locally; 2.1 mpd overseas; see promotions below for special launch promotion earn rates Foreign currency transaction fee: 3.0% Most importantly, miles don’t expire. The base earn rates are pretty average: BOC Elite Miles give you 1.5mpd for local spend, and 3mpd for overseas spend. Plus, there are an assortment of other cards that give you up to 4mpd for specialised …

Standard Chartered Bank launched the X Card – so what’s the verdict out there?

Miles collectors in Singapore have another reason to celebrate recently – the launch of the Standard Chartered Visa Infinite X Credit Card. Targeted at millenials, it comes with a very attractive sign-up bonus: 100,000 miles. Of course everyone got slightly excited. Who doesn’t want a (almost) free one-way business class ticket to the US? Update (1 Aug 2019): Standard Chartered now puts out on their website that the 100,000 miles offer has been fully taken up, and now new applicants can only enjoy up to 60,000 miles. Because I’m so late in doing this review, here’s what every other travel/airline/miles writer have said about the card so far: Milelion: A 100,000 miles sign up bonus is something few of us thought we’d ever see in Singapore, and for those with upcoming big ticket spending, it’s an absolute no-brainer. I’m sure there’ll be much more to say about the X Card in the days and weeks to come, but in the meantime, be sure to get approved before 31 August if you want to snag the 100,000 miles sign …

UOB runs targeted promotion for PRVI Miles cardholders – buy miles at 1.8 cents a piece

UOB has launched PRVI Pay for a while now, and most recently raised the processing fee to 2.1% in March 2019. Limited time offer: 1.8% processing fee Earlier this week, I received a physical mailer from UOB, offering a promotional rate of 1.8% processing fee to use the PRVI Pay facility. This effectively means that you are paying 1.8 cents per mile, which can translate to a $30 savings for every 10,000 miles bought. Note that the amount that you’ll like to apply for is up to your credit limit with UOB. To apply, you will need to fill up the physical form and mail it back the old-school way. Once approved, the money will be in the bank account that you designate, and the amount plus the processing fee will be debited from your credit card account. Note that there is no installment option, you will have to make full payment on the amount requested by your next statement. I’m not sure if all cardholders have received the mailer, or like they claim, a …